The Nigerian Exchange (NGX) closed the week ended Friday, January 16, 2026, on a strong note as sustained buying interest across equities, exchange-traded products, and selected fixed-income instruments lifted market indicators despite late-session profit-taking.
The NGX All-Share Index (ASI) advanced by 2.36 percent week-on-week to close at 166,129.50 points, up from 162,298.08 points at the start of the week.
In tandem, equity market capitalisation rose by 2.48 percent to ₦106.35 trillion, translating to a ₦2.48 trillion increase in market value.
Trading Activity Improves Week-on-Week
Investor participation strengthened during the week, supported by higher value turnover.
A total of 4.61 billion shares valued at ₦130.64 billion were traded in 263,439 deals, compared with 4.16 billion shares worth ₦94.03 billion exchanged in 248,254 deals in the preceding week. The increase in traded value reflects stronger positioning in higher-priced and large-cap stocks.
Financial Services Dominate Market Activity
The Financial Services sector remained the primary driver of market liquidity, accounting for 67.84 percent of total traded volume and 36.15 percent of total value.
The sector recorded 3.13 billion shares worth ₦47.23 billion across 94,186 deals. The Services sector followed with 353.44 million shares valued at ₦5.10 billion, while the ICT sector ranked third, posting 277.26 million shares worth ₦18.01 billion.
Trading in Sovereign Trust Insurance, Access Holdings, and Linkage Assurance alone accounted for 30.52 percent of total market volume, underscoring continued concentration in highly liquid financial stocks.
Daily Performance Shows Midweek Strength
Market breadth remained positive across most sessions, with stronger performance recorded between Monday and Wednesday.
Although turnover moderated toward the end of the week, advancing stocks consistently outpaced decliners on most trading days to affirm sustained bullish sentiment before Thursday’s mild correction.
ETFs Record Sharp Growth
Activity in exchange-traded products (ETPs) improved significantly.
A total of 1.19 million units valued at ₦191.95 million were traded in 1,927 deals, compared with 604,668 units worth ₦138.52 million in the prior week. Stanbic ETF30, VETGRIF30, GREENWETF, and VSPBONDETF dominated trading, confirming increased institutional participation in diversified instruments.
Bond Market Sees Moderate Uptick
The bond segment recorded 104,111 units valued at ₦111.74 million in 27 deals, slightly higher than the previous week’s ₦94.74 million turnover.
Trading activity was concentrated in sovereign instruments, led by longer-dated Federal Government securities.
Sector Indices Close Mostly Higher
Broad-based gains were recorded across sectoral indices.
The NGX Banking Index rose 3.45 percent, while the NGX Premium Index gained 4.13 percent. The Oil and Gas Index posted the strongest sectoral performance, advancing 5.71 percent.
The only decliner was the NGX AFR Dividend Yield Index, which edged down 0.15 percent, reflecting mild profit-taking in high-dividend stocks.
Market Breadth Remains Positive
Eighty equities closed higher during the week, compared with eighty-four in the previous week. Seventeen stocks declined, while fifty remained unchanged, pointing to a broadly constructive market despite selective selling pressure.
Top Gainers and Losers
NCR Nigeria Plc led the gainers’ table with a 60.79 percent weekly advance, followed by SCOA Nigeria, Deap Capital, and Jaiz Bank, reflecting aggressive re-rating in mid-cap and banking stocks.
On the downside, Ikeja Hotel topped the decliners, while Eterna, Universal Insurance, and Eunisell Interlinked also closed lower, largely on profit-taking and rights-related adjustments.
Corporate Actions Shape Market Dynamics
The week featured notable corporate actions that influenced trading patterns.
Additional shares of United Bank for Africa Plc were listed following the completion of its rights issue, increasing the bank’s total issued shares to 44.20 billion.
Trading also commenced on Eterna Plc’s rights issue, while Morison Industries Plc listed additional shares from its private placement.
Meanwhile, trading suspension on Premier Paints Plc was lifted following regulatory compliance, and ASO Savings and Loans Plc was delisted following the revocation of its operating licence.
Market Outlook
The Nigerian Exchange closed the week with firm bullish momentum, supported by strong value turnover, positive sectoral performance, and expanding ETF participation.
While intermittent profit-taking emerged toward the end of the week, the ₦2.48 trillion increase in equity market capitalisation signals sustained investor confidence.
Market direction in the near term is expected to remain selective, with focus on banking stocks, liquid mid-caps, and exchange-traded products as investors balance momentum with valuation discipline.
